The Bank of Hawaii
is moving away from the proprietary mutual fund
space. The bank, which currently runs 12 mutual funds in its Pacific Capital Funds
lineup, will "be further transitioning its asset management activities into an
open architecture investment process" as part of a long-term strategy,
according to an SEC filing
on March 4.
As part of the plan, Aberdeen Asset Management
will pick up four funds:
New Asia Growth
, International Stock
, Small Cap
and High Grade Core Fixed
Bank of Hawaii plans to liquidate six funds -- Mid-Cap
, Growth Stock Growth and Income
, High Grade Short Intermediate Fixed Income
, and U.S. Government Short Fixed Income
-- and keep two others.
Two other funds -- Tax-Free Securities
and Tax-Free Short Intermediate Securities
-- will be reorganized into similar newly-organized portfolios of FundVantage
, a series of mutual funds administered by PNC Global Investment Servicing
Bank of Hawaii's asset management group will serve as investment manager
of the new portfolios.
Fund shareholder meetings are scheduled for May.
Armie Margaret Lee
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